Retailers Urge House To Address Interchange Fees

Law360, New York (July 19, 2007, 12:00 AM EDT) -- Congress should take action to clamp down on rising interchange fees set by credit card companies such as Visa USA and MasterCard Inc. because they stifle competition and are expected to cost consumers over $40 billion this year, a retail advocacy group told a House committee on Thursday.

The credit card market is “broken” and in need of greater transparency and competition, in large part because big players Visa and Mastercard promise banks that they will charge higher interchange fees, Mallory Duncan, senior vice president and...
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